362.2-406 Management rights of general partner.
(1)
(2)
(3)
(4)
(5)
(6)
Each general partner has equal rights in the management and conduct of the limited
partnership's activities. Except as expressly provided in this subchapter, any matter
relating to the activities of the limited partnership may be exclusively decided by
the general partner or, if there is more than one (1) general partner, by a majority of
the general partners.
The consent of each partner is necessary to:
(a) Amend the partnership agreement;
(b) Amend the certificate of limited partnership to add or, subject to KRS 362.21110, delete a statement that the limited partnership is a limited liability
limited partnership; or
(c) Sell, lease, exchange, or otherwise dispose of all or substantially all of the
limited partnership's property, with or without the good will, other than in the
usual and regular course of the limited partnership's activities.
A limited partnership shall reimburse a general partner for payments made and
indemnify a general partner for liabilities incurred by the general partner in the
ordinary course of the activities of the partnership or for the preservation of its
activities or property.
A limited partnership shall reimburse a general partner for an advance to the limited
partnership beyond the amount of capital the general partner agreed to contribute.
A payment or advance made by a general partner which gives rise to an obligation
of the limited partnership under subsection (3) or (4) of this section constitutes a
loan to the limited partnership which accrues interest from the date of the payment
or advance.
A general partner is not entitled to remuneration for services performed for the
partnership.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 126, effective July 12, 2006.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.